Financial Performance - For the year ended March 31, 2020, UBA Investments Limited recorded a loss attributable to owners of approximately HK$44.5 million, compared to a loss of HK$23.3 million in 2019, representing an increase in loss of 91%[8]. - The unrealized loss related to listed securities was HK$37.8 million, up from HK$12.0 million in 2019, while the unrealized loss from unlisted investments was HK$4.1 million, down from HK$12.4 million[8]. - Gross proceeds from the disposal of trading securities decreased by 57%, from HK$40.5 million to HK$17.6 million, as the Group shifted focus to unlisted shares investment[8]. - As of March 31, 2020, the Group's net assets were approximately HK$113.4 million, a decrease of 28% from HK$157.9 million in 2019, aligning with a 19% decrease in the Hang Seng Index during the same period[8]. - The Group reported a net loss attributable to owners of the Company of HK$44,515,000 for the year ended March 31, 2020, compared to a loss of HK$23,282,000 in the previous year, representing an increase in loss of approximately 91.5%[175]. - Total assets decreased to HK$113,933,000 as of March 31, 2020, down from HK$158,933,000 in the previous year, reflecting a decline of about 28.3%[175]. - The Group's total liabilities were HK$549,000 as of March 31, 2020, a decrease from HK$1,034,000 in the previous year, indicating a reduction of approximately 47.1%[175]. - The Company has reserves available for distribution amounting to approximately HK$92,312,000 as of March 31, 2020, compared to HK$95,455,000 in the previous year[178]. Investment Strategy - The short-term strategy focuses on trading listed securities to maintain sufficient dividend levels, while the long-term strategy aims to balance listed and unlisted investments for better returns[11]. - The Group's proactive investment strategy aimed to maximize profit for shareholders amidst intense market volatility, particularly due to the impacts of COVID-19 and global economic conditions[9][15]. - The Group's investment strategy aligns with market trends, as it seeks to invest in sectors with higher yield and stability, particularly during periods of economic uncertainty[9]. - The company aims to invest in various industries including IT, telecommunications, manufacturing, services, real estate, and infrastructure to balance risks[185]. - The company intends to hold investments for medium-term capital growth without a specific timeline for realization[190]. - The company is restricted from investing more than 50% of its assets outside Hong Kong and the PRC[196]. - The company will not invest more than 20% of its net asset value in any single company or entity[189]. - The company will not take legal or effective management control of any investment exceeding 30% of voting rights in any one company[189]. Market Conditions - The overall market environment was affected by the U.S.-China trade war and the COVID-19 pandemic, leading to significant fluctuations in stock market performance[15]. - The Hong Kong Stock Index (HSI) fell by 19% from 29,051 in March 2019 to 23,603 at the end of March 2020 due to the combined effects of the trade war and COVID-19[22]. - The COVID-19 pandemic led to a further decline in the Shanghai Composite Index by 12% to 2,750 at the end of March 2020[21]. - Following the signing of the Phase One Economic and Trade Agreement with the U.S. in January 2020, the Shanghai Composite Index increased by 7.6% to 3,127[21]. Dividend and Income - Dividend income from listed securities investment was significantly driven by the banking and telecommunications sectors, which contributed 77% of total dividend income during the period[9]. - The Board has resolved not to recommend a payment of final dividend for the year ended March 31, 2020[168]. - The Group holds 40,000 shares in CKH Holdings, representing 0.001% interest, and derived a dividend income of HK$126,000 for the year ended 31st March 2020[36]. - The Group holds 5,800,265 shares in PCCW, representing 0.075% interest, and derived a dividend income of HK$1,816,000 for the year ended 31st March 2020[42]. - China Merchants recorded a dividend income of HK$120,000 for the year ended 31st March 2020, holding 1,510,000 shares, representing 0.0308% of issued share capital[50]. - The Group holds 178,000 shares in MTR, representing 0.0029% interest, with no dividend received during the year[48]. - The Group holds 26,578,278 shares in Yi Hua Hldg, representing 2.650% of issued share capital, with no dividend received during the year[62]. - The Group holds 1,000,000 shares in Bank Com, representing 0.0013% of issued share capital, with no dividend received during the year[68]. Corporate Governance - The company has complied with the Corporate Governance Code throughout the year, with no significant deviations noted[123]. - The independent non-executive director was unable to attend the AGM on August 16, 2019, which constituted a deviation from the Corporate Governance Code[130]. - The company has no share option scheme in place[119]. - The Directors' remuneration is reviewed annually by the Remuneration Committee, with fees subject to shareholders' approval at general meetings[158]. - The company received confirmation of independence from its independent non-executive directors for the year ended March 31, 2020[199]. Employee and Operational Information - The Group employed a total of 3 full-time employees as of March 31, 2020, consistent with the previous year[110]. - The group employed a total of 3 full-time employees as of March 31, 2020, unchanged from the previous year[118]. - There were no significant capital commitments or contingent liabilities as of March 31, 2020[115]. - The Group did not make any material acquisitions or disposals of subsidiaries and associates during the year ended March 31, 2020[108]. Company Leadership - Dr. Huang has been the chairman of the board since April 30, 2015, and has extensive experience in corporate finance and investment[137]. - Mr. Zheng has over 20 years of experience in securities, corporate finance, and direct investment[138]. - Mr. Chan holds two master's degrees in Practising Accounting and Business Law and is a fellow of multiple accounting and governance institutes[140]. - Dr. Fung has been an honorary medical adviser for various organizations since 1997 and holds an MBA from Newport University[141]. - Mr. Tang has been a barrister in private practice since 1981 and has not held any directorship in other public companies in the past three years[145]. - Mr. Kwok has over 20 years of experience in banking, finance, and accounting, with a background in international financial institutions[146].
开明投资(00768) - 2020 - 年度财报